Union government’s Chief Economic Advisor Arvind Subramanian on June 26 said Brexit was a sad development but India would not be affected by it due to its solid macroeconomics.

“Brexit is a very sad development…it has consquences for both the United Kingdom and Europe,” he said while delivering keynote lecture on ‘Overview of Indian Economy’ at an international conference being held in Patna as part of the ADRI Silver Jubilee Celebrations.

Stating that Brexit is a significant development with serious political and economic consequences for both the UK and Europe, Subramanian said it was a landmark moment in the history since World War II.

The decision has reversed the experiment by the European countries for togetherness as a collective entity, he said, adding the elites would now be forced to recalibrate and adjust.